Citi See MXN Likely To Stay Stable Following Mid-Terms

Citi on Mexico mid-terms:

• Following preliminary results, Morena seems to have underperformed according to expectations, especially in the lower chamber election.
• Even in the most optimistic scenario estimated by INE, the Morena-led coalition would garner 58% of seats, lower than the 66% they currently hold.
• At the state level, Morena seems to have performed relatively better. At the time of writing, the Morena-led coalition would probably win 11 states based on "quick counts".
• Out of about 93 million registered voters, the electoral authority estimated that about 52% may have shown up to vote, a significantly higher figure relative to the historical average of about 45% for mid-term elections.
• FX remains stable and things are likely to stay that way even if some results seem highly contested.